Elephant Talk Communications, Inc. (ETAK)

[lugan]

Revenue for the year ended December 31, 2010 was $37,168,351, a decrease of $6,482,606 or (14.9%), compared to $43,650,957 for the year ending December 31, 2009. The decrease was the result of an unfavorable impact of a $2,008,830 currency translation effect arising from a lower USD/Euro exchange rate. The decrease in 2010 revenue of $4,473,776 over 2009, in constant currency, was attributable to a decrease in our Mobile revenue of $2,739,253; Middle East pre-paid calling cards revenue $584,135 and premium rate services ("PRS") revenue of $1,052,625. Other landline services decreased by $97,763 compared to the same period in 2009.

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